Buying a yacht offshore, new or used, opens up the opportunity to experience other boating locations around the world. You can sail into your own sunset. Commissioning a boat typically means preparing it for use, and this is a common practice when acquiring a new boat.
Buying a yacht offshore – so what options are there?
Commissioning the Boat in Venice:
Taking the boat to Montenegro for tax reasons:
Some individuals may choose to register or store their boats in certain countries. This may be due to more favourable tax or regulatory environments. This is often done to reduce tax liability.
Bringing the Boat Back to the EU for Two Years:
In the European Union, there are often temporary importation rules that allow non-EU residents to bring in personal belongings, including boats, without paying import duties or taxes for a limited period. However, these rules may vary by country, and there may be specific requirements and time limits.
Shipping the Boat from Genoa:
Genoa is a major port in Italy. It’s a common choice for shipping boats and other cargo to various destinations.
New Zealand Taxation:
If you plan to import the boat into New Zealand, you would need to comply with the country’s customs and taxation regulations. The tax paid would typically depend on the value of the boat and also on any applicable deductions, allowances, or exemptions.
Depreciated Value of the Boat:
The tax calculation based on the depreciated value of the boat is a common practice in many countries when determining the tax liability on used or previously owned items. Keep in mind that tax laws and regulations can be complex and subject to change. The specific rules for each step of your plan can vary significantly by country, and you should consult with professionals who specialise in international tax and customs regulations to ensure compliance with all relevant laws. Violating tax or customs laws can lead to legal and financial consequences.
Contact Yachtfinders Global for further clarification – Buying a yacht offshore for clients is what they do best!